Boston Metal reinvents steelmaking to reduce carbon emissions and fight climate change

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Boston Metal, a 10-year-old startup based in Boston, is working to revolutionize the manufacturing of steel by producing it in a green way. The $1.6 trillion steel industry is responsible for between 7% and 9% of global carbon dioxide emissions, according to the World Steel Association, and presents a challenge to the fight against climate change. Boston Metal is developing molten oxide electrolysis technology that uses electricity to process iron oxide and other oxides, producing clean steel in the process. The technique resembles a battery, with a positively charged anode and negatively charged cathode to direct the electricity, and its byproduct is oxygen.

Boston Metal was created in 2013 and has raised $250 million to-date to fund its research. The company has yet to generate any revenue but has signed a $20 million funding deal with the World Bank's private-sector investment arm, the International Finance Corporation (IFC). It marks the IFC's first-ever investment in a pre-revenue startup, highlighting the value the World Bank sees in helping low-income nations make steel without carbon emissions.

Boston Metal's technology is attractive to developing nations, such as Chile, Ethiopia, Malawi, Uruguay, and Zambia, which have access to clean electricity. The majority of steel manufacturing — 59% — now takes place in developing nations. The company's modular technology could enable small countries to build their own steel plants to create self-sufficiency. The technology can use low-grade iron ore, making it more viable for emerging markets.

Bill Gates' Breakthrough Energy Ventures, Microsoft's Climate Fund, and ArcelorMittal are among the investors who’ve backed Boston Metal to date. The company is currently in the midst of raising $300 million more, with half the target already achieved. Its ultimate goal is to make green steel, with plans to be at full commercial scale by 2026. The company also plans to exploit the core technology of its molten oxide electrolysis process to produce tin, niobium, and tantalum metals from waste generated by mining operations.

Credit: cnbc.com

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